Coinbase Says First Quarter Sales Exceeded $ 1 Billion

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Cryptocurrency platform Coinbase Global Inc. late Tuesday revealed preliminary first-quarter revenue that exceeded $ 1 billion, topping all of last year’s revenue, and a quarterly profit that approached $ 1 billion. . Coinbase COIN, + 3.70%, expected to debut in the equity markets next week, released preliminary results for the January-March period and also guidance for the full year of 2021.

The company said it had 56 million verified users in the first quarter and an 11.3% market share in the cryptocurrency market. First quarter trading volume reached $ 335 billion and quarterly revenue increased to around $ 1.8 billion, Coinbase said. Net income for the quarter was between $ 730 million and $ 800 million, and adjusted EBITDA was around $ 1.1 billion, the company said. Coinbase submitted an application to go public via direct listing in February, showing a 2020 profit and revenue of $ 1.3 billion, more than double the company’s 2019 revenue. It went to a net income of $ 322, 3 million in 2020, down from a loss of $ 30.4 million in 2019. The company plans to trade on the Nasdaq under the symbol COIN. Coinbase was guided for an average of monthly transaction users throughout 2021 of 7 million at the high end, 5.5 million in a mid-range scenario assuming a flat cryptocurrency market, and 4 million in a low-end scenario. which incorporates a “significant decline in cryptocurrency market capitalization, similar to the decline seen in 2018.” “We expect significant growth in 2021 driven by transaction and custody revenue given increased institutional interest in the crypto asset class,” Coinbase said It guided expenditures of about $ 1.3 billion and $ 1.6 billion in the year “to scale our operations and continue to drive product innovation,” he said. Coinbase also estimated one-time expenses of about $ 35 million in the second quarter related to with your direct quote.